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Chinese And Russian Central Bank Continue To Add Gold To Official Reserves: 16 & 31 Tonnes In August
bullionstar.com / Koos Jansen / 1 Oct 2015
The People’s Bank Of China (PBOC) has added 16 tonnes of gold to its official reserves now totalling 1,694 tonnes in August 2015. The gain in August is the third monthly increment in a row after a period of silence by the PBOC since 2009. The change in reporting, the amounts reported and the fact the gold is mark-to-market is a clear sign of a strategy not merely aimed at SDR acceptance. More so to prepare for a post-dollar international monetary system.
China is joining Russia in increasing its official gold reserves on a monthly basis. Russia added a whopping 31 tonnes in August, the highest since March and the fourth highest in recent history. These two countries are by far the largest official gold buyers globally, which can only be seen in the greater scheme of things. China and Russia both form a threat to US dominance by the size of their economies (Russia is tenth largest economy, China is the second largest economy), the multilateral collaborations organized around the Eurasian continent, bold statements about the necessity of gobal de-dollarization and gold accumulation in anticipation of a new international monetary order.
The threat to the US dollar hegemony is underlined by adjustments in purchases of US government bonds (US Treasury’s – USTs) by China and Russia. US bonds have been the central pillar of the international monetary system for decades, but are not able to serve this purpose indefinitely. Issuance of USTs, to supply international reserve assets, gives the US an exorbitant privilege in funding to the detriment of all other nations. Furthermore, massive global demand for USTs lowers its coupon interest rate, feeding into to bubbles that eventually contaminate the world economy.
The post Chinese And Russian Central Bank Continue To Add Gold To Official Reserves: 16 & 31 Tonnes In August appeared first on Silver For The People.
Source: http://silveristhenew.com/2015/10/01/chinese-and-russian-central-bank-continue-to-add-gold-to-official-reserves-16-31-tonnes-in-august/
